The $27.9 billion raised through biopharma follow-on offerings in the early months of 2024 has hit industry records never seen before. So far in three-and-a-half months in 2024, the industry has raised more than was raised during 21 of the past 24 full years.

In March, med-tech deal value plummeted to $27 million, a decline of 89% from February’s $255.61 million and a 75% decline from January's $107.75 million, and also falling short of the 2023 monthly average of $886.13 million.

In March, biopharma deals reached $8.29 billion, slightly higher than February’s $7.76 billion. Meanwhile, biopharma M&As amounted to $22 billion for the month. In terms of volume, March saw 104 biopharma deals, up from the 100 recorded in February, yet lower than January’s 158 and the 2023 monthly average of 115 deals.

The biopharma sector secured $13.84 billion in financings in March, marking a 38% decline from February’s $22.3 billion, yet a 27% increase from January’s $10.9 billion. In 2023, biopharma financings averaged $5.91 billion per month. March brought two biopharma IPOs, totaling $2.65 billion, driven by Galderma Group AG’s inaugural offering of more than $2 billion.

Top of FormMed-tech financings in March totaled $1.79 billion. Although a decline from February’s total, the cumulative value for the first three months of the year reached $6.02 billion, an increase from $4.69 billion during the same period the previous year.